Last year’s documents, which were from 2006, dealt with the Fed’s confidence ahead of the storm, and their overall inability to see the forces that were fixing to wreck the economy; 2007 is the year where things started to unravel. Transcripts will show how aware Fed officials were of the problems they faced.

While today’s release is unlikely to contain anything market moving, it is nevertheless a window into a critical chapter in Fed history. We will have updates as the day progresses. Check back with WSJ.com. Read the full transcripts here.

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